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Legal Adviser
Online securities transactions regulated
What’s subject to special consumption tax?
The Government issued Decree No 26/2009/ND-CP on March 16, providing details on enforcement of the Law on the Special Consumption Tax.
The decree clarifies that yachts and private aircraft are taxable objects, as are stakes in entertainment or sporting events. Non-taxable objects include imported goods for humanitarian aid, gifts for State agencies or political organisations, goods in-transit that have not completed customs procedures, aircraft and vessels used in transportation business, ambulances and hearses, air conditioners of capacity less than 90,000 BTU and those used for vehicles.
Online securities transactions regulated
Online transactions on the securities market are now regulated under Circular No 50/2009/TT-BTC, issued by the Ministry of Finance on March 16. Accordingly, all listed securities can be traded online. Online transactions can be carried out by securities companies with respect to public offerings, share deposit, listings, fund management and publication of information.
Securities companies must directly provide online trading services to clients and may not entrust or subcontract another unlicensed organisation to do so. In addition, when signing contracts with clients, securities companies must attach a "disclosure of risks" describing possible risks and responsibilities for remedies. Securities companies are responsible for ensuring the security of databases and transactions.
Rules to deal with criminal securities violations
The Ministry of Finance and the Ministry of Public Security jointly issued Circular No 46/2009/TTLT-BTC-BCA on March 11 to deal with criminal offenses in securities. The State Securities Commission and police shall share responsibilities as primary investigators. The circular focuses on preventing the provision of false information in securities offerings, illegal securities trading, illegal formation of investment funds, etc.
VietNamNet/Viet Nam News
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